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to control inflation. taylor served as undersecretary of the treasury during the george w. bush administration and was part of the council of economic advisers. specimen so much for being here today. special thanks to mohammed el- erian and mr. taylor for flying from california. i want to kick off the panel with you. you coined the term, the new normal in 2009. your outlook for the economy has been dead on. how much longer is this economy going to remain in the new normal? >> let me take you back to 2009 when the new normal concept came out. the idea was to signal that it would not be your traditional cyclical recovery. unless the mindset in washington changed, and there was a better understanding of the underlying dynamics, we risked getting stuck. in a keyword of unusually sluggish growth, high unemployment, that is when it materialized. go back to the concept of the economy stuck in second gear. let me push this analogy. it is not just stuck in second gear, it is being driven on a foggy road. there is some good news. we are doing better than others. europe was in reverse and
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